OFDI反向技术溢出的实证研究:金融环境的调节效应

An Empirical Study on OFDI Reserve Spillovers:Regulatory Effects of Financial Environment

从金融体系的基本功能出发，将金融环境划分为金融规模、金融结构和金融效率三个维度，构建金融环境影响对外直接投资反向溢出与创新关系的调节效应模型，利用2004-2012年30个省（市）的面板数据，运用stma11．0进行实证检验。研究发现：西部地区金融规模对OFDI反向溢出的调节作用更明显；东部地区金融结构和金融效率对OFDI反向溢出的调节作用更明显。为了利用OFDI反向技术溢出对自主创新的推动作用，需要实施一系列的对策来促进区域创新和金融环境的改善。

This paper established a model that financial environment regulates the relationship between OFDI reverse spillovers and innovation. Financial environment is divided into financial scale, financial structure and financial efficiency based on financial functions. The paper applied Stats11.0 for the empirical study by using provincial panel data of China 2004-2012, then it finds： We found that west region has more obviously positive effects than east region on financial scale regulating OFDI reserve spillovers ; and east region has more obviously positive effects than west region on financial structure and financial efficiency regulating OFDI reserve spillovers. In order to promote the use of OFDI reverse technology spillovers effects on innovation, it needs to implement a series of policies to promote the improvement of regional innovation and financial environment.